Money kept by Pakistani nationals in Swiss banks fell by over 34% to the lowest level of CHF 724 million or $738 million in 2018.
Switzerland’s central bank, the Swiss National Bank, on Thursday published its annual report, “Banks in Switzerland 2018” and the corresponding data for its annual banking statistics.
The money that is directly linked to clients from Pakistan stood at CHF 724.1 million or $738 million in 2008, according to the annual report. It was down by CHF 376 million or 34% when compared with CHF 1.1 billion in 2017.
However, the money held by Pakistanis through fiduciaries or wealth managers increased by 26% to CHF 20.1 million – a net addition of only CHF 5.2 million over the preceding year.
The CHF 724 million was the lowest level of deposits retained by Pakistanis since 1996 – the year when the Swiss central bank started tracking the money by nationalities.